November 2026
Largest Road Infrastructure Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Cube Highways Trust, IRB Infrastructure Developers, lnterise Trust, IRB InvIT Fd and Welspun Enterprises.
 | Cube Highways Trust is an Indian infrastructure investment trust formed to invest in infrastructure assets, mainly in the road sector in India. It is engaged in the business of toll operations and maintenance, and operates a group of approximately twenty-seven road assets spread across various states and a union territory in India. At the transaction date, the organisation operated in Road Infrastructure and participated through the products, services, assets or investment capabilities described in the cited materials. It served B2B and B2G customers, users or counterparties through those activities. Its commercial model generated revenue through services, supported by sector expertise, operating execution and customer relationships. The business depended on its people, technology, physical assets, regulatory position or investment capital as appropriate to the sector. This profile identifies the legal or operating participant in the historical transaction and preserves that identity where a later merger, disposal, delisting or reorganisation changed the company’s name or ownership. | $2 | +3% | $2.1B | $3.7B | 8.8x | 12.0x | ||
| IRB Infrastructure Developers Ltd is an infrastructure and construction company. The company organizes itself into segments: Built, Operate and Transfer (BOT)/ Toll, Operate and Transfer (TOT) segment consist of operation and maintenance of roads; InvITs & Related Assets segment consists of investments in units of IRB Infrastructure Trust, IRB InvIT Fund and other related assets; and Construction segment consists of development and maintenance of roads. It derives maximum revenue from Construction segment. | $0 | -31% | $2B | $3.9B | 5.9x | 10.1x | ||
| Interise Trust is an Indian infrastructure investment trust formed in 2018 and formerly named IndInfravit Trust. It owns operating highway concessions through project companies and is listed on the National Stock Exchange of India and BSE on a private-placement basis. The current portfolio covers 15 road projects totaling about 6,400 lane kilometres across eight Indian states, with roughly 500,000 vehicles using the network each day. Revenue is generated primarily from toll collections and annuity payments under long-term road concessions. An external investment manager oversees capital allocation, operations, maintenance, safety and stakeholder obligations across the portfolio. Institutional unitholders have included CPP Investments, OMERS, Allianz and domestic Indian investors. The trust changed its legal name to Interise in June 2024 but remains the same investment platform acquired by OMERS under the IndInfravit name in 2019. | $1 | -- | $1.2B | $2B | 5.3x | 7.4x | ||
| IRB Infrastructure Trust is an Indian road-infrastructure investment trust backed by IRB Infrastructure Developers and institutional investors. It owns operating and development highway concessions and receives toll, availability and related project cash flows. The platform uses IRB's engineering, procurement, construction, operations and maintenance capabilities to develop and manage its road network. Long-term concession revenue and infrastructure distributions support the business model. The trust is a separately identifiable operating infrastructure platform, and its investment manager MMK Toll Road Private Limited oversees portfolio management and project selection for shareholders. Its portfolio can expand through asset transfers and acquisitions. IRB Infrastructure Trust serves B2C, B2B and B2G customers through activities spanning Road Infrastructure. | $1 | -4% | $1.1B | $2.1B | 13.7x | 16.8x | ||
| Welspun Enterprises is an infrastructure developer focused on roads, water and wastewater projects, with a growing presence in data centers and real estate. It builds under government contracts and hybrid annuity road concessions. It is a Welspun Group company headquartered in Mumbai. | $7 | +11% | $883M | $946M | 2.6x | 15.5x | ||
| G R Infraprojects builds roads, highways, bridges and railway projects, and holds road assets, mostly for government agencies. It has a backward-integrated base of bitumen and manufacturing units. Headquartered in Udaipur, Rajasthan. | $8 | -34% | $769M | $1.1B | 1.4x | 5.7x | ||
| Infrastructure construction company that builds highways, flyovers, bridges, tunnels and other civil works, mainly under government contracts and hybrid annuity road projects. It is one of the larger road contractors in northern India. Based in Ludhiana. | $4 | +50% | $713M | $810M | 2.2x | 13.3x | ||
| Dilip Buildcon builds roads, highways, bridges, irrigation and urban infrastructure, and has operated road concessions. Customers are government agencies. Headquartered in Bhopal. | $4 | -26% | $642M | $1.5B | 1.7x | 5.4x | ||
| Hindustan Construction Company is an Indian engineering and construction group building roads, bridges, hydro and nuclear power projects, tunnels and water infrastructure. Customers are mostly government agencies and public utilities. It is headquartered in Mumbai. | $0 | -20% | $473M | $517M | 1.3x | 14.9x | ||
| LCC Projects is an engineering, procurement and construction company working on roads, bridges, water and other infrastructure. Its customers are mostly government agencies and public sector bodies. It is headquartered in Ahmedabad. | $1 | -- | $402M | $445M | 1.2x | 8.9x | ||
| PNC Infratech builds roads, highways, bridges and airport runways and runs some toll and annuity road assets. Customers are government bodies such as national highway authorities. It is based in Agra. | $1 | -53% | $334M | $617M | 1.2x | 5.5x | ||
| J Kumar Infraprojects builds metros, flyovers, bridges, tunnels and water projects, mostly in the Mumbai region and other large cities. Its customers are government agencies and public sector authorities. It is headquartered in Mumbai. | $4 | -35% | $322M | $364M | 0.6x | 4.7x | ||
| KNR Constructions builds roads, highways, irrigation and water projects, mainly for central and state government agencies, on both engineering contract and build-operate-transfer models. It is headquartered in Hyderabad. | $1 | -42% | $292M | $503M | 2.3x | 6.2x | ||
| Road construction and infrastructure company that builds highways under engineering, procurement and construction and hybrid annuity contracts. It also operates some road assets and works on power transmission and rail related projects. Customers are mainly national and state road authorities. Based in Jaipur. | $4 | -59% | $259M | $780M | 1.5x | 9.7x | ||
| Sadbhav Engineering is a construction company building roads, highways, irrigation and mining projects, mostly for government bodies. It has a large road asset history through concession subsidiaries. Headquartered in Ahmedabad. | $0 | -48% | $12M | $362M | 3.7x | 5.5x | ||
| Sadbhav Infrastructure Projects develops and operates road assets on build-operate-transfer and toll bases, through subsidiaries. It is part of the Sadbhav group and is headquartered in Ahmedabad. | $0 | -44% | $8M | $285M | ||||
| Madhucon Projects is an infrastructure construction company that builds roads, bridges, irrigation and power projects, often under build-operate-transfer contracts. Customers are government agencies in India. It is headquartered in Hyderabad. | $0 | -40% | $3M | $320M | ||||
| Median | $1 | -34% | $473M | $780M | 2.3x | 8.9x |
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